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PLEASE NEED HELP!!! Need help with the Income Statement, Changes in Retained earnings and Balance sheet!!! Already have General journal. Please Help!!?? Transaction Description of
PLEASE NEED HELP!!! Need help with the Income Statement, Changes in Retained earnings and Balance sheet!!! Already have General journal. Please Help!!??
Transaction Description of transaction June 1: Byte of Accounting, Inc. issued 2,620 shares of its common stock to Jeremy after $28,080 in cash and computer equipment with a fair market value of $40,040 were received 01 02 June 1. Byte of Accounting, Inc. issued 2.496 shares of its common stock after acquiring from Courtney S53 300 in cash, computer equipment with a fair market value of $10.920 and office equipment with a fair value of $676 03 June 1: Byte of Accounting, Inc. acquired S57 200 in cash from Jonathan Cinc and issued 2.200 shares of its common stock. 04 June 2: A down payment of $28.000 in cash was made on additional computer equipment that was purchased for S.40.000. A five year note was crecuted by Byte for the balance 10 11 os June 4. Additional office equipment costing $700 was purchased on credit from Discount Computer Corporation 12 13 06 June 8. Unsatisfactory office equipment costing $140 Was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte 14 15 07 June 10: Byte paid $21 500 on the balance it owed on the June 2 purchase of computer equipment 16 17 08 June 14 A one-year insurance policy covering its computer equipment was purchased by Byte for $4.968 in cash. The effective date of the policy was June 16 18 19 20 21 09 June 16: Computer consultation revenue of S6 750 was received 10 June 16. Byte purchased a building and the land it is on for 595,000 to house its repar facilities and to store computer equipment. The lot on which the building is located is valued at $15.000 The balance of the cost is to be allocated to the building Byte made a cash down payment of $9.500 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1 22 23 11 June 17: Cash of $5,400 was paid for rent for June July and August Put the total amount to the Prepaid Rent account 12 June 17: eelved a bal of $425 from the local newspaper for advertising 25 26 27 20 29 13 June 21. Billed various miscellaneous local customers 5.000 for consulting services performed Wilcom Chart of Account Transactions General Journal 14 June 21 A fax machine for the office was purchased for $825 cash 15 June 21. Accounts payable in the amount of $560 were paid. 16. June 22. Paid the advertising bill that was received on June 17. 17 June 22. Received a bil for $1,165 from Computer Parts and Repair Co. for repairs to the computer equipment 5 18 June 22: Paid salaries of $935 to equipment operators for the week ending June 18. 17 88 39 10 41 19 June 23: Cash in the amount of S3 205 was received on billings June 23. Purchased office supplies for 3530 on credit Record the purchase as an increase to the 20 assets 21 June 28. Billed $5,700 to miscellaneous customers for services performed to June 25 22 42 43 44 45 46 47 18 49 50 50 Juno 29: Cash in the amount of $5,400 was received for ballings 23 June 29: Paid the bill received on June 22, from Computer Parts and Repaits Co. 24 June 29. Paid salaries of $935 to equipment operators for the week ending June 25 52 25 June 30: Received a bill for the amount of $890 from O&GO and Gas Co. 53 26. June 30. Paid a cash dividend of $0.19 pet share to the three shareholders of Byte IMPORTANT NOTE: The camber of shares of capital stock outstanding can be determined from the first three transactions 54 55 56 57 Adjusting Entries - Round to two decinal places, 27 The rent payment made on June 17 was for June July ind August Expense the amount associated with one month's rest B 59 28 A physical inventory showed that only $214.00 worth of olice supplies remmed on hand as of June 30 60 51 20 The annual interest rate on the mortgage payable was 8.00 percent Interest expense for one hall sont should be computed because the building and land were purchased and the fabricated on June 16 62 65 Welcome Chat 30. Information relating to the prepaid insurance may be obtained from the transaction recorded on June 14. Expense the amount associated with one half month's instance. 31 A review of Byte's job worksheets show that there are unbilled revenues in the amount of $9.000 for the period of June 28-30. 32 The fixed assets have estimated useful lives as follows. Building # 315 years Computer Equipment - 5.0 years Office Equipment - 7.0 years Use the straight-line method of depreciation Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building's scrap value is $8,000 The office equipment has a scrap value of $300. The computer equipment has no scrap value. Calculate the depreciation for one month. 33 A review of the payroll records show that unpaid salaries in the amount of $561 are owed by Byte for three days, June 28 - 30 34 The note payable relating to the June 2, and 10 transactions is a five-year note, with interest at the rate of 12 percent annually. Interest expense should be computed based on a 360 day year, [IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $112,000. On June 10, eight days later, $21500 was repaid. Interest expense must be calculated on the S112,000 for eight days. In addition, interest expense on the 590 500 balance of the loan ($112,000 less $21.500 = $90,500) must be calculated for the 20 days remaining in the month of June. 78 79 35 Income taxes are to be computed at the rate of 25 percent of net income before taxes IMPORTANT NOTE: Since the income taxes are a percent of the set income you will want to prepare the Income Statements through the Net Income Before Taline. The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement Closing Entries 81 82 B2 84 85 86 87 36 Close the revenue accounts $WS 8 8 8 8 37 Close the expense accounts 89 38 Close the income Summary account 39 91 92 Close the dividends account A Byte of Accounting, Inc. Income Statement For Month Ending June 30, 2022 Revenues Computer & Consulting Revenue Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Total Expenses Net Income Before Tax Income Tax Expense (Roud to two decimal places) Net Income After Tax B C D A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending June 30, 2022 Total Balance, Beginning of Period Net Income Dividends Balance, End of Period Assets Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total Long-Term Assets Office Equip Accum Depr Office Equip Computer Equip Accu Depr. Computer Equip Building Cost Accum Depr-Building Land Total Total Assets Liabilities Current Liabilities Accounts Payable Advanced Payment Interest Payable Salones Payable Income Taxes Payable Total 10 Long Term Liabilities Mortgage Payable Notes Payable Total Total Labs 42 13 44 45 46 47 48 49 50 51 52 Stockholder's Equity Capital Stock Retained Esming Total Total abilities and Stockholder's Equity 54 55 56 Welcome Chart of Accounts Step by Step Solution
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